The global smart pills market size is estimated to grow at a CAGR of 11.4% during the forecast period. Smart pills are prescribed medications that are equipped with edible electronic sensors. These sensors, when ingested, send wireless messages to devices such as patches, tablets, or smartphones outside the body. The increasing geriatric population coupled with the growing prevalence of lifestyle-related disorders such as obesity, gastric ulcers, and gastroesophageal reflux disease (GERD) among others are some of the factors that are augmenting the global smart pills market growth.
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The rise in chronic disorders such as cancer, diabetes, and others is also driving the market growth. Patients with certain lifestyle disorders are preferring minimally invasive procedures which are providing a significant boost to the demand for smart pills. Moreover, favorable reimbursement scenarios is further accelerating the market growth.
Soaring investments in research and development for the development of the smart pill will further drive market growth. However, the high cost of ingestible sensors and stringent government regulations regarding the increased use of these devices are expected to hamper the market growth. The emergence of smart pill-related technological innovations such as micro-cameras, miniaturization, bioelectronics, and the availability of microprocessors is anticipated to create lucrative opportunities in the future for market expansion.
The capsule endoscopy segment is gaining significant traction
Endoscopy and colonoscopy are being phased out in favor of innovative diagnostic techniques for the gastrointestinal tract, such as capsule endoscopy. This most recent technique is more suitable, less invasive, and more advanced; thus, gaining substantial traction in recent years. Capsule endoscopy is a medical diagnostic technique that produces images of the gastrointestinal strip’s central region. In addition to obtaining biopsies and delivering medication to specific areas of the gastrointestinal tract, more recent innovations in technology can also obtain biopsies which are further enhancing its efficacy.
Additionally, the drug delivery segment is also expected to contribute significantly to the market growth over the forecast period. Organizing medications in a muffled and pulmonary manner is gaining importance in the treatment of human diseases. It is easier and less frequent to selectively deliver a drug to a specific site, which is a major factor driving the growth of this segment.
North America dominates the global market while the Asia Pacific is growing rapidly
North America dominated the global market for smart pills due to the wide availability of products, favorable reimbursement policies, an increase in government healthcare investments, and an increase in healthcare expenditures. The market for smart pills in Asia Pacific is expanding at a rapid rate owing to the increasing prevalence of colon cancer, motility disorders, Crohn’s disease, and obscure gastrointestinal bleeding; the rise in sedentary lifestyle; and the high patient compliance supported by minimally invasive techniques.
In addition, the emergence of innovative and advanced technologies, such as ingestible sensors, wireless capsule-based GI monitoring, and catheter-free pH monitoring, is expected to boost regional market growth. Moreover, the growth of the Europe smart pills market is backed by the increasing prevalence of gastrointestinal disorders, rising cancer screening awareness programs, continuous technological advancements, and rising spending on research and development in the region. Furthermore, it is anticipated that Latin America and the Middle East will experience moderate growth as a result of inadequate reimbursement policies to provide complete coverage for patients and developing healthcare infrastructure.
Market Structure and Competition Landscape
The global smart pills market is characterized by the presence of a significant number of industry players that are catering to the rising global demand for smart pills. Some of the key players operating in the global smart pills market are Otsuka Holding Co., Ltd., CapsoVision, Inc., GE Healthcare (General Electric Company), Boston Scientific Corporation, Medtronic PLC, Olympus Corp., Intromedic Co. Ltd., RF Co. Ltd., Jinshan Science & Technology (Group) Co., Ltd., Check-Cap Ltd., and Veloce Corporation among others.
To maintain their market position, these industry players focus on various growth strategies such as partnerships, mergers and acquisitions, and product portfolio expansion. Some of the key developments in the smart pills market include;
- In January 2021, etectRx Inc. and Pear Therapeutics Inc. entered into a partnership agreement for the development of two CNS product candidates integrating adherence sensors and PDTs (Prescription Digital Therapeutics). This is the first partnership of its kind to investigate the use of digital pill solutions with PDTs.
- In September 2020, CapsoVision announced that the US Food and Drug Administration (FDA) would allow at-home administration of the CapsoCam Plus small bowel capsule endoscope during the COVID-19 pandemic for patients deemed eligible for at-home administration.
- In August 2020, Otsuka acquired smart pill manufacturer Proteus Digital Health for US$ 15 million.
- In February 2020, Veloce Corporation developed the SmartTab drug delivery and monitoring system, a capsule containing an electronic receiver, monitor, actuator, and active ingredients that are controlled remotely. These product innovations are likely to contribute positively to market expansion.
- In 2019, Proteus introduced intelligent chemotherapy pills to improve patient outcomes.
Key Market Segmentation
RationalStat has segmented the global smart pills market based on the application, disease indication, target area, end user, and region.
- By Application
- Capsule Endoscopy
- Patient Monitoring
- Drug Delivery
- By Disease Indication
- Esophageal Diseases
- Colon Diseases
- Digestive Tract Disease
- Small Bowel Tumors
- Others (Crohn’s Disease, Celiac Disease, Inherited Polyposis Syndrome, etc.)
- By Target area
- Large Intestine
- Small Intestine
- By End User
- Diagnostics Centre
- Academic & Research Institutes
- Others (Ambulatory Surgical Centers (ASCs) etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, white papers, research reports, trade fairs, and company documents.
- Available industry and market-related documents in the public domain.
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others.
- Whitepapers, research papers, and industry blogs
Why Buy this Report?
The report is intended for smart pills manufacturers, healthcare associations, pharmaceutical manufacturers, distribution companies, logistics players, pharmaceutical contract manufacturers, digital electronics manufacturers, investment firms, government organizations, educational organizations, regulatory agencies, research organizations, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global Smart Pills Market is expected to grow at a CAGR of over 11.4% during the forecast period 2022-2028.
The global market for smart pills is expected to reach US$ 6.3 – 7.0 Billion by 2028.
The growing desire of patients to have minimally invasive treatments is one of the key trends in the market.
North America is expected to lead the global market by 2028.
Major companies operating in the global Smart Pills Market are Otsuka Holding Co., Ltd., CapsoVision, Inc., GE Healthcare (General Electric Company), Boston Scientific Corporation, and Medtronic PLC among others.